Home Point Capital, Inc.
Investors that purchased the Company’s securities and have suffered a loss, please fill in transaction information below, or email to info@portnoylaw.com.
There is no cost or obligation associated with submitting your information. If you are a shareholder who suffered a loss, please submit your contact information and purchase information to participate in the putative class action.
We also encourage you to contact Lesley F. Portnoy of The Portnoy Law Firm, at 310.692.8883, to discuss your rights free of charge. You can also reach us through the firm’s website at www.portnoylaw.com, or by email at info@portnoylaw.com.
If you choose to take no action, you can remain an absent class member.
Joining the case through the Portnoy Law website enables investors to learn about their legal claims and take an active role in recovering their losses.
The Portnoy Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
CONTACT:
Portnoy Law Firm
Lesley F. Portnoy, Esq.,
www.portnoylaw.com
Office: 310.692.8883
1800 Century Park East, Suite 600
Los Angeles, CA 90067
info@portnoylaw.com
Home Point operates as a service provider and residential mortgage originator. From 2018 to 2020, Home Point Capital undertook aggressive expansion of their broker partner network. In the process, Home Point increased the network from 1,623 as of December 31, 2018 to nearly 5,000 as of September 30, 2020, representing an annualized growth rate of 88%. On January 29, 2021, Home Point conducted the IPO, issuing to the public 7.25 million shares of Home Point’s common stock at the offering price of $13.00 per share, resulting with proceeds of $88,123,750 to the selling stockholders before expenses and after applicable underwriting discounts and commissions.
It is alleged in the Home Point Capital class action lawsuit that Home Point’s offering documents made misleading and/or false statements and/or failed to disclose that: (i) Home Point Capital’s aggressive expansion of its broker partners would increase Home Point’s expenses dramatically; (ii) as a result of rising interest rates in 2021, the mortgage industry was anticipating decreased gain-on-sale margins industry-wide, with Home Point being subject to the same competitive pressures; (iii) Home Point had overstated its business and financial prospects, accordingly; and (iv) Home Point’s offering documents were materially misleading and/or false and failed to state information required to be stated therein, as a result.
Home Point issued a press release on May 6, 2021, announcing Home Point’s financial results for the first quarter of 2021. Home Point reported revenue of $324.2 million, among other results, missing consensus estimates by $41.72 million. Home Point’s stock price fell nearly 18% on this news, damaging investors.
